To produce 150 units of output,the firm must use 3 employee-hours.To produce 300 units of output,the firm must use 8 employee-hours.Apparently,the firm is
A) not profitable.
B) in the long run.
C) experiencing diminishing marginal returns.
D) not using any fixed factors of production.
E) failing to maximize profit.
Correct Answer:
Verified
Q2: The law of diminishing marginal returns
A) holds
Q3: A variable factor of production
A) is fixed
Q4: Profit is the
A) difference between total revenue
Q5: The reason for the existence of the
Q6: Which of the following factors of production
Q7: Which of the following factors of production
Q8: Profit maximization is the primary objective of
A)
Q9: As long as the marginal product of
Q10: A profit-maximizing price taker must decide
A) only
Q11: The short run is defined as
A) one
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents